Envestnet price target lowered to $62 from $70 at DA Davidson

DA Davidson lowered the firm’s price target on Envestnet to $62 from $70 and keeps a Buy rating on the shares. The company’s Q4 results were “strong”, but the lack of annual guidance – breaking with historical practice of giving upcoming year outlook – erodes the firm’s conviction and suggests that it may have been “too optimistic” in its prior forecasts, the analyst tells investors in a research note.